Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 24 12 pts prepare the necessary decem

Question 24 12 pts Prepare the necessary December 31st adjusting journal...

90.2K

Verified Solution

Question

Accounting

Question 24
12 pts
Prepare the necessary December 31st adjusting journal entries for Brown Corporation, given the following information:
Brown pays its employees weekly on Fridays. This year, December 31st falls on a Thursday and Brown's employees earn $2,000 each day.
Brown's books show a supplies balance on December 31 of $6,000. A year-end physical count of supplies on December 31 shows a balance of $3,900.
On August 1, Brown purchased a 12-month insurance policy for $4,800.
Brown negotiated a one-year long-term deal with a local university center. Brown is charging the university $300 per month for its delivery services. On June 1st, the university prepaid Brown for the full upcoming year (through May of the next year), paying Brown $3,600. On June 1st, Brown recognized Unearned Revenue of $3,600.
Edit Format Table
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Example 1 Let g x y a Find the domain of 9 Y b Sketch...

Geometry
Q

QUESTION 1. You are a recent graduate that has been hired at “Price Family Paper” as...

Finance
Q

Iodine-137 decays to give xenon-137, which decays to give cesium-137. What are the modes of decay...

Chemistry
Q

3. (a) Outline with the aid of a schematic diagram the different stages in the processing...

Mechanical Engineering
Q

Prove that rect(x)*rect(x) = tri(x)

Advance Math
Q

Select the statements that correctly describe retinoblastoma and p21 Rb reinforces the effect of p53...

Biology
Q

relation of diode is given by I e 1000V T 1 mA where the applied...

Physics
Q

1 t 5 14 A periodic voltage V varies with time t as shown in...

Physics
Q

The Assignment: Using the Week 9 Assignment Budget and Variance Excel Template address the following:...

Accounting
Q

Wang Company manufactures and sells a single product that sells for $630 per unit; variable...

Accounting
Q

Com art purchased inventory for $4900 and who paid a 1270 Comer Mariatoured the goods...

Accounting
Q

Thank you The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income...

Accounting